Clearwater Capital exits Dolphin Offshore

New York-based private equity firm Clearwater Capital Partners has exited Mumbai-based marine operation and construction company Dolphin Offshore Enterprises India by selling its entire 6.53 per cent stake through open market transactions on Wednesday, as per a stock market disclosure.

While Clearwater Capital Partners (Cyprus) Ltd sold its 3.94 per cent stake, its associate company Clearwater Capital Partners CLO I Pte Ltd divested 2.59 per cent in Dolphin Offshore on BSE and NSE, the Mumbai-based company said.

The company did not disclose the amount for which it has sold its stake but it is estimated to have got around Rs 13-14 crore.

The Asia-focused PE firm, which invested in Dolphin Offshore in 2006 via foreign currency convertible bonds (FCCBs), has been offloading its shares in phases. It is estimated to have sold the final tranche at a loss to its investment value.

Dolphin Offshore shares were trading at Rs 123.50 each, down 0.88 per cent at 1:10 PM  on the BSE in weak Mumbai market on Wednesday.

Dolphin Offshore provides services to the Indian oil and gas industry, offering diving and underwater services, project management, marine operations and management services. The clientele of the company includes ONGC, L&T, IOC, HPCL, SCI, GE Shipping and Coast Guard.

Recently, Clearwater Capital Partners part exited Diamond Power Infrastructure by selling 5.5 per cent stake or almost half of its holding for Rs 27.9 crore (nearly $4.7 million) to a bunch of domestic investors via the open market. Clearwater Capital first invested in the business, formerly known as Diamond Cables, in 2006. It raised its holding over time and has invested through a mix of open market purchases and direct investment into the firm.

(Edited by Joby Puthuparampil Johnson)

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